Midnight (NIGHT) is 1050.6× the size of Confidential Layer (CLONE) by market capitalisation. Their daily returns move barely together (correlation 0.21 across 213 shared trading days). Both have run at a similar volatility, around 113% annualised.
CLONENIGHT
0.21over 213 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | CLONE | NIGHT |
|---|---|---|
| Max drawdown (400d) | -87.6% | -67.2% |
| Risk-adjusted return (90d) | 0.14 | 1.07 |
Relative strength over 90 days: NIGHT outperformed CLONE by 15.4% — measured on the CLONE/NIGHT ratio, so it holds regardless of market direction.